Veteran fund manager Bill Miller is set to outperform the S&P 500 index for the first full year since 2006, marking a relief for investors, although his fund still has a long way to go before it reaches its historic peak.

The $4.8bn (€3.3bn) Legg Mason Value Trust returned 43% this year up to December 28, while the S&P 500 rose 25% over the period, according to Bloomberg. The outperformance marks a return to form for Miller: his fund outperformed the S&P 500 for 15 consecutive years before its winning streak came to an end in 2007.